Murdoch & News Corp. Tread Through Earnings (NWS)

News Corporation Limited (NYSE: NWS) has just reported earnings. You know there is no chance that the company was going to be immune to the major slowdown in advertising and earnings. What is interesting is that the stock was up initially after the report.

News Corp. earned $0.12 non-GAAP EPS on $7.9 billion inrevenue. There was a net loss after items, and the write-off here isa big one at $8.4 billion in pre-tax goodwill charges. First Call estimates were for $0.19 EPS before items.

The company willemploy rigorous cost-cutting measures across including reducing staff. It looks likethe company believes the advertising downturn is worse than in other recessions.